Iran to have US$50 billion oil revenues

Petroleum Minister Bajan Zangeneh has said that Iran oil exports has reached the pre-sanctions level and its oil income will reach US$45 – 50 billion next Iranian year (to start March 21), if a barrel of crude sells for US$55.

Oil and condensates exports stood at 1.2 million bpd in the five months of the year 2013, while the figure reached 2.8 million bpd in the past four months, up by 1.6 million bbls. "Such an increase in Iran’s oil exports was very wonderful for the Western observers. This year’s (to end on March 20) oil sales brought some US$40 billion, some of which will be collected next year (to start March 21)", Zangeneh noted.

"Oil customers have now increased and there are no limits in the rate of exports, which has made the country powerful", he continued. Zangeneh further noted that South Pars phases of 17 to 21 will be officially inaugurated in March. "When they come on stream, they will produce 150 million m3/d of sweet gas" he said.

The petroleum minister continued to say that the ministry plans to build 10 major oil equipment inside the country. "Some of the agreements to that effect have been reached earlier and some of them are in the final stage", he said, noting that Iran will be transformed into one of the good builders of the oil equipment in the region which will be qualified for exports.